Jungjingong Expands Support Scope for Exclusive Funds for Facilities Subject to Gathering Bans and Restrictions
Including 112 Business Crisis Sectors Eligible for the 4th Disaster Relief Fund
Dedicated Fund of 200 Billion KRW... Preferential Support with 1.9% Fixed Interest Rate
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 21st that they will expand the scope of exclusive funds for COVID-19 gathering ban and restricted facilities to include 112 business crisis industries covered by the 4th disaster relief fund support.
The 112 industries newly included in the support target across 10 major sectors are general industries that did not have gathering bans or business restrictions but experienced a sales decrease of 20% or more. The Ministry selected the targets based on the National Tax Service's VAT filing results.
SBC will provide a total of 200 billion KRW at a fixed interest rate of 1.9% to reduce the management burden such as labor costs for SMEs affected by COVID-19 in the relevant industries. In addition, the application requirements have been relaxed so that companies can apply even if they do not meet the management difficulties criteria such as sales decline.
Companies operating in business crisis industries with five or more regular employees (10 or more for mining and transportation industries, no limit for manufacturing) can apply for policy funds online through the SBC website. For more details, inquiries can be made to one of the 32 regional SBC branches nationwide or the SME Integrated Call Center.
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Chairman Kim Hak-do said, "As the COVID-19 pandemic continues, the number of industries experiencing business crises is increasing, so we are expanding the scope of exclusive fund support to enable rapid business normalization for affected companies," adding, "SBC will take the lead in overcoming the management crisis of SMEs and providing a social safety net to revitalize the economy."
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